Mastermind Toys finds a buyer

Mastermind Toys, the specialty toy and children’s book retailer, is being acquired by Unity Acquisitions Inc., a company owned by Canadian retail pioneers Joe Mimran, Frank Rocchetti, and David Lui that also owns Kit and Ace and Casca Footwear. Under the terms of the asset purchase agreement, Unity will purchase 48 of the 66 Mastermind Toys store locations and says “a significant portion of employees” will stay on.

Mastermind Toys has obtained Court approval to conduct liquidation sales through the holiday season at the other 18 locations. Mastermind had earlier obtained creditor protection under the Companies’ Creditors Arrangement Act from the Ontario Superior Court.